Market Overview

Omega Flex Today Reported Its Results of Operations for the Third Quarter, 2012

  Nine Months Ended September 30, Three Months Ended September 30,
  2012  2011  2012  2011 
Net Sales $45,590,000 $38,575,000 $16,786,000 $13,690,000
Net Income $6,102,000 $2,939,000 $1,705,000 $955,000
Earnings Per Share –  Basic and Diluted  
Weighted Average Shares – Basic and Diluted  

EXTON, Pa., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Kevin R. Hoben, President and CEO, announced that the Company had Net Sales of $45,590,000 through the first nine months of 2012, compared to $38,575,000 in 2011, increasing $7,015,000, or 18.2%.  Net Sales for the three months ended September 30, 2012, increased $3,096,000, or 22.6% over the same quarter in 2011. 

The Company has seen steady sales growth during the year in its core product, TracPipe® CounterStrike®, which has benefited from the uptick in the construction environment. Additionally, the Company has further diversified its product base with an increase in sales of its emerging DoubleTrac® and DEF-Trac®, double-containment piping systems.

The Company's Net Income through September 30, 2012 was $6,102,000, surpassing last year's income of $2,939,000 by $3,163,000, or 107.6%.  As announced during the first quarter of 2012, the Company successfully secured funds pertaining to an insurance legal recovery, which enhanced net income for the year by approximately $2,530,000.  Excluding that event, the year's income was still 21.5% higher than last year. For the quarter ended September 30, 2012, Net Income increased $750,000, or 78.5% compared to the third quarter of 2011.

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict, and may be beyond the ability of Omega Flex to control. Certain statements in this news release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995, that are not historical facts, but rather reflect Omega Flex's current expectations concerning future results and events. The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's view only as of the date of this news release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances.

CONTACT: Kevin R. Hoben (610) 524-7272
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